It can be frustrating when you have your heart set on a BMW lease but feel like your credit score is getting in the way. At Fields BMW of Daytona, we want you to know that your credit score isn’t everything. That’s why we try to help everyone get into their dream car, whether you have good credit, bad credit, or no credit at all.
Does Credit Affect Leasing?
In short, credit does affect your ability to lease a car. However, it is not the be-all, end-all.
You can still lease a new BMW vehicle with bad credit. When leasing a vehicle, you need a lending institution to loan you the total amount of your lease. If your credit is less-than-ideal, lenders may or may not be willing to work with you. If they do agree, they may give you longer terms or higher interest rates, depending on your financial situation.
How Much Can I Afford?
An auto lease calculator is a great tool to help you figure out how much you can afford to pay every month for your BMW lease. It includes multiple factors to help you estimate your monthly payments, including:
- Total price
- Down payment
- Taxes
- Length of lease
- New car lending rate
- Car value at the end of your lease
What If It’s Too Much?
Is your estimated monthly payment higher than you’re comfortable with? There are still a few things that you can do to help you lease the dream car of yours affordably:
- Use a cosigner. A cosigner with a higher credit score can help you get better rates, which can lower your monthly payment.
- Consider a more affordable vehicle. A more affordable model (or even a pre-owned option) would give you a lower total investment, which would also lower your payments.
- Lengthen your lease term. A longer lease can help stretch out your monthly payments and lower them.
Our financial experts at our BMW dealership in Daytona Beach, FL are happy to answer any questions you have about leasing. Visit us today to learn more!